Biometric Payment Market Expected to Achieve 9.4% CAGR by 2029: Growth Forecast Insights

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How Large Will the Biometric Payment Market Size By 2025?
In the past few years, there has been substantial growth in the biometric payment market size. It is slated to increase from $42.86 billion in 2024 to $46.61 billion in 2025, with a compound annual growth rate (CAGR) of 8.7%. The growth during the historical period can be traced back to factors such as enhanced security measures and fraud prevention, financial inclusivity, escalating threats in cybersecurity, convenience for consumers, the rising trend of biometric wearable devices, and government-led initiatives.

How Big Is the Biometric Payment Market Size Expected to Grow by 2029?
The market size of biometric payments is projected to witness a robust expansion in the coming years, with a forecasted valuation of $66.74 billion by 2029, experiencing a CAGR of 9.4%. The predicted development throughout the forecast period can be credited to the escalating e-commerce sector, increasing prevalence of contactless payments, the ubiquitous nature of smartphones, and improved data privacy measures. Key trends during the forecast duration include the emergence of biometric payment cards, the incorporation of multi-modal biometrics, continuous authentication techniques, voice and speech recognition features, and cross-channel authentication technologies.

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Which Key Market Drivers Powering Biometric Payment Market Expansion and Growth?
The escalating need for reliable payment methods is foreseen to boost the biometric payment market's expansion in the future. Secure payment procedures are systems, techniques, and procedures devised to secure the safety, integrity, confidentiality, and critical payment data during digital payment processes. The growing need for secure payment options has escalated the implementation of biometric payment techniques, fulfilling the evolving security requirements and maintaining an essential balance between security and user-friendliness in the contemporary payment environment. For instance, the European Central Bank stated in January 2024 that contactless card payments in the first half of 2023 climbed 24.3% from 20.9 billion in 2022's first half. Simultaneously, the total corresponding value surged 25.9% to reach €0.5 trillion (or 545.27 billion). Thus, the rising need for reliable payment options is set to fuel the biometric payment market's growth. Biometric Payment Market Driver: The rise in the acceptance of smartphones spurring the growth of the biometric payment market.

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Which Fast-Growing Trends Are Poised to Disrupt the Biometric Payment Market?
Key players in the biometric payments market are focusing on the creation of innovative biometric checkout systems to simplify and enhance the security of payments for customers. These novel checkout programs are aimed at improving payment convenience and safety by giving merchants the opportunity to provide biometric payment solutions, like facial recognition and fingerprint scanning, at the payment point. For example, in May 2022, US credit card firm, Mastercard Inc., introduced its own Biometric Checkout Program. This groundbreaking payment method was developed to offer customers greater convenience and heightened security during transactions. It enables vendors to provide biometric payment alternatives, like facial recognition and fingerprint scanning technologies, at the point of purchase and presents a fresh approach to accepting payments for sellers. The new program merges chip technology with fingerprint verification for a secure and convenient in-store buying experience. Furthermore, this method presents numerous benefits over conventional payment modes and is becoming more and more accepted among merchants and clients.

What Are the Emerging Segments in the Biometric Payment Market?
The biometric payment market covered in this report is segmented -

1) By Type: Contact-Based, Contactless, Hybrid
2) By Component: Hardware, Software, Services
3) By Technology: Single Factor Authentication, Fingerprint Recognition, Iris Recognition, Palm Recognition, Face Recognition, Signature Recognition, Voice Recognition, Biometric Smart Card, Multimodal
4) By Mode Of Payment: Smartphone And Tablet, Biometric And Smart Cards, Other Modes
5) By Application: Banking, Financial Services And Insurance (BFSI), Retail And Ecommerce, Travel And Hospitality, Transportation, Healthcare, Other Applications

Subsegments:
1) By Contact-Based: Fingerprint Recognition, Palm Recognition, Iris Recognition, Facial Recognition
2) By Contactless: Fingerprint Recognition, Facial Recognition, Voice Recognition, Iris Recognition
3) By Hybrid: Multi-Modal Biometric Systems, Biometric Payment Cards, Device-Based Biometric Payments

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Who Are the Global Leaders in the Biometric Payment Market?
Major companies operating in the biometric payment market are Apple Inc., Alphabet Inc., Samsung Electronics Co Ltd., Alibaba Group Holding Limited, Fingerprint Cards AB, Tencent b-bldings Limited, Fujitsu Ltd., Visa Inc., Paypal Holdings, NEC Corporation, Mastercard Incorporated, Safran S.A., Thales Group, NXP Semiconductors N.V., ASSA ABLOY Group, Ant Group, Gemalto, PagSeguro Digital Ltd., IDEMIA, Cielo SA, Verifone Systems. Inc., StoneCo Ltd., Linxens Holding SAS, Network International Holdings plc., KONA I Co Ltd., Suprema Inc., Payconiq International SA, Mada Communications Int'l, Precise Biometrics, CardLab Inc.

Which are the Top Profitable Regional Markets for the Biometric Payment Industry?
North America was the largest region in the biometric payment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in biometric payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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